TIDMABT
RNS Number : 7926S
Abbott Laboratories
26 September 2014
Abbott Completes Acquisition of CFR Pharmaceuticals; Announces
Results of Tender Offer for CFR Shares
Acquisition enhances Abbott's position in Latin America, more
than doubling its branded generics pharmaceutical sales and
presence in the fast-growing region
ABBOTT PARK, Ill., Sept. 26, 2014 - Abbott has acquired control
of CFR Pharmaceuticals, more than doubling its Latin American
branded generics pharmaceutical presence and further expanding the
company's presence in fast-growing markets. Through purchase of the
controlling interest and tender offers described below, Abbott
indirectly acquired more than 99 percent of CFR's ordinary shares
for approximately $2.9 billion.
"By adding CFR's portfolio of well-known, trusted products,
Abbott has taken another key step in actively shaping its portfolio
to better meet the evolving needs of health care and drive
sustainable growth," said Miles D. White, chairman and chief
executive officer, Abbott.
The CFR acquisition immediately establishes Abbott among the top
10 pharmaceutical companies in Latin America, a market that is
expected to reach $124 billion by 2018, with estimated annual
growth rates of two to three times that of developed markets over
the coming years, according to IMS.
This transaction will not impact Abbott's ongoing
earnings-per-share guidance for 2014.
Abbott anticipates this transaction to be accretive to ongoing
earnings per share in 2015 and increasing thereafter, before
one-time transaction-related items which will be provided at a
later date.
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Tender Offers
Abbott has been advised that an aggregate of 1,722,927,101
ordinary shares and 6,243,247 American Depositary Shares,
representing 624,324,700 ordinary shares, were validly tendered in
the tender offers and not subsequently withdrawn. Abbott has
accepted for payment all ordinary shares and American Depositary
Shares that were validly tendered in the tender offers and not
subsequently withdrawn.
After giving effect to the purchase today of Kalo Pharma
Internacional S.L.U., which indirectly owns 72 percent of the
shares of CFR, and the purchase of the ordinary shares and American
Depositary Shares tendered in the tender offers, Abbott will
indirectly own approximately 99.6 percent of the outstanding
ordinary shares of CFR.
The U.S. tender offer expired at 5 p.m., New York City time, on
Sept. 23, 2014. The Chilean tender offer expired at 5:30 p.m.,
Chilean time, on Sept. 23, 2014.
About Abbott
Abbott is a global healthcare company devoted to improving life
through the development of products and technologies that span the
breadth of healthcare. With a portfolio of leading, science-based
offerings in diagnostics, medical devices, nutritionals and branded
generic pharmaceuticals, Abbott serves people in more than 150
countries and employs approximately 69,000 people.
Visit Abbott at www.abbott.com and connect with us on Twitter at
@AbbottNews.
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Private Securities Litigation Reform Act of 1995 - A Caution
Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking
statements for purposes of the Private Securities Litigation Reform
Act of 1995. Abbott cautions that these forward-looking statements
are subject to risks and uncertainties that may cause actual
results to differ materially from those indicated in the
forward-looking statements. Economic, competitive, governmental,
technological and other factors that may affect Abbott's operations
are discussed in Item 1A, "Risk Factors," to our Annual Report on
Securities and Exchange Commission Form 10-K for the year ended
Dec. 31, 2013, and are incorporated by reference. Abbott undertakes
no obligation to release publicly any revisions to forward-looking
statements as a result of subsequent events or developments, except
as required by law.
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This information is provided by RNS
The company news service from the London Stock Exchange
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